Ujjivan Small Finance Bank in a release said that the bank has become the first small finance bank in the country to offer personal loans to salaried individuals.
The personal loan will be available for salaried professionals who are earning a monthly salary above Rs 15, 000(Fifteen Thousand). Individuals can avail loans starting from Rs50,000 (Fifty thousand) upto Rs15,00,000 (Fifteen lakhs). The time frame for the loans will extend from 12 months to 60 months.
The facility is a new product to the existing loans offered by the bank namely, Home Loan (for purchase of property& construction) and Business loans.
The bank said attractive interest rates with complete digital processing are among the features of it's latest offering. The bank is utilizing e-sign to ensure paperless processing during the post-sanction phase.
The bank also said that individuals may avail loans without any collateral or deposit of any asset, however, the bank will consider the credit history of the individual.
The product will be launched across 14 Tier 1 & Tier 2 locations such as Ahmedabad, Bangalore, Delhi, Kolkata, Pune, Surat, Mumbai, Mysore, Ankaleshwar, Coimbatore, Kochi, Chennai and Vadodara.
Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd. said "We are pleased to launch the personal loan facility to our customers. This offering is aimed at reaching out to the customer segment that isdeprivedfrom availing these facilitiesdue to lack of formal institution serving them. We will continue to expand our product offerings so that we can diversify into retail assets and fulfil customized needs of the mass market segment."
Ujjivan Small Finance Bank (Ujjivan SFB) started its banking operations in February 2017 with pilot branches in Bangalore. As on date, with more than 360 plus branches, Ujjivan SFB has established its presence across 24 States and 3 Union Territories.